Question - Treasury stock.Ellison Company's balance sheet shows: Common stock, $20 par $3,000,000
Paid-in capital in excess of par 1,050,000
Retained earnings 750,000
Instructions - Record the following transactions by the cost method.
(a) Bought 5,000 shares of its common stock at $29 a share.
(b) Sold 2,500 treasury shares at $30 a share.
(c) Sold 1,000 shares of treasury stock at $26 a share.